Citigroup Permanent Home Loan Modification Program Sees Increase As Of July 2010

Homeowners who have their home loan through Citigroup have seen increases in the number of permanent home loan modifications for those who are seeking assistance with their mortgage. There have been increases in the number of homeowners who have begun to struggle due to various economic troubles, but the Making Home Affordable Program has been providing permanent modifications for homeowners so that they may avoid foreclosure.

Citigroup is reported to have made 44,276 permanent home loan modifications as of July 2010. This number is up from June’s report of 40,813 permanent modifications. This data released by the Making Home Affordable Program has shown that many lenders and the modification program overall are seeing increases in the number of homeowners who have been helped.

Yet there still remains tensions between servicers and homeowners as homeowners continue to be denied mortgage assistance or simply do not qualify. These homeowners often accuse servicers of not doing all they can to help those in need avoid foreclosure and, in the past, there have been governmental officials who have echoed these accusations. However, there have been increases in the number of modifications made from the beginning of the year and, for Citigroup, there has been a jump in modifications.

According to the January 2010 report from the Making Home Affordable Program, Citigroup had only made 10,929 permanent modifications up until that point. Over the past months the number of modifications from the Obama Making Home Affordable Program have grown and, for those who do not qualify for this type of mortgage assistance, extension plans and in-house mortgage aid options have been made available.

Citigroup has offered modification plans and payment restructuring options for homeowners who did not qualify for a Making Home Affordable modification and, in certain cases, foreclosures have been halted for certain homeowners like those who were affected by the Gulf oil spill.

Despite the fact that lenders have not been perfect in their implementation of the modification program and homeowners continue to have distrust and frustrations, it’s still advised that homeowners contact their primary mortgage servicer to begin the modification program if they are in need. Yet, there are also outside sources like the Making Home Affordable website and Hotline that are available for homeowners who may have trouble with their mortgage servicer or simply need more information about the modification program.

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